Commission expenditure linked to pharmaceutical marketing income qualifies as business deduction when recipient identity, genuineness and business pur...
Country of Origin Certificates and declared transaction value supported preferential customs exemption where authenticity and invoice prices remained ...
Section 80P(2)(d) permits a co-operative society to claim deduction on interest or dividend earned from investments with another co-operative society, and a co-operative bank continues to fall within that expression for this purpose. Section 80P(4) withdraws the deduction only in the hands of the co-operative bank itself and does not change its character for section 80P(2)(d). Applying that construction, interest received by a co-operative housing society from deposits with co-operative banks was held deductible. The Tribunal found Totgars Co-operative Sale Society Ltd. inapplicable because it dealt with section 80P(2)(a)(i), and also noted consistent allowance in earlier years on the same facts.
Section 80P(2)(d) permits a co-operative society to claim deduction on interest or dividend earned from investments with another co-operative society, and a co-operative bank continues to fall within that expression for this purpose. Section 80P(4) withdraws the deduction only in the hands of the co-operative bank itself and does not change its character for section 80P(2)(d). Applying that construction, interest received by a co-operative housing society from deposits with co-operative banks was held deductible. The Tribunal found Totgars Co-operative Sale Society Ltd. inapplicable because it dealt with section 80P(2)(a)(i), and also noted consistent allowance in earlier years on the same facts.
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